OPEC Forecasts Surging Long-Term Oil Demand, Defying Peak Crude Predictions

OPEC has raised its medium- and long-term forecasts for global oil demand, predicting that it will reach 116 million barrels per day (bpd) by 2045, requiring $14 trillion in investments. This forecast diverges from the International Energy Agency's (IEA) prediction of peak oil demand before 2030. OPEC emphasized the importance of oil sector investments and criticized calls to stop investing in new oil projects. The relationship between OPEC and the IEA has been tense, with differing views on decarbonization and the pace of production cuts.